VanHan Limited (“VanHan”), the prime, London-focused property agency run by Rory Penn and Thomas van Straubenzee, has announced the successful freehold sale of 29 Charles Street in Mayfair for £9.2m to a Spanish family office. The £3,918 per square foot (NIA) price is believed to be a record for a commercial property on Charles Street, making it one of the most expensive office buildings sold in Mayfair.
VanHan, representing the vendor, a private overseas investor, was able to achieve such an impressive price due to its unrivalled book of UHNW private clients and family offices. In 2015 alone, the agency has advised on nine prime London property deals with the majority of transactions achieving record prices per square foot for their streets. The agency currently has a spread of sales valued from £3m to £60m on its books, totalling just short of £200m, 90% of which is not on the open market.
VanHan has had particular success in Mayfair this year, having previously sold a residential development on Chesterfield Hill for a record £3,300 per square foot. The agency looks to continue this form with the off-market sale of a property on Curzon Street in late August, which is currently being refurbished by prime developer London Rock Capital.
Commenting on the record-breaking deal, Rory Penn, head of Commercial at VanHan, said: “The sale of 29 Charles Street at over £3,900 psf vindicates our belief that a highly focused and well-connected niche agency, which puts service and results front and centre, is in a strong position to execute high value real estate transactions in London. This is our ninth successful completion in 2015 and we are well placed to continue taking market share in London’s prime commercial and residential property sectors.”
